Immunome initiated with an Outperform at Evercore ISI

Evercore ISI initiated coverage of Immunome (IMNM) with an Outperform rating and $18 price target The company is developing a deep ADC pipeline that should emerge as the primary driver of long-term value, but the nearer-term focus is on varegacestat ahead of Phase 3 desmoid tumor data that the firm expects late in the year, the analyst tells investors. The firm is “confident in a positive outcome,” seeing 70% odds of success, and says physician feedback suggests that data only need to be comparable to the Ogsiveo standard of care to gain share.